The Housing Market Remains Strong
The Omaha Real Estate Market is in a precarious position. From the graphic below you can see that inventory is way down (23% from Jan 2016), but volume remains steady. That means prices have increased dramatically even though there are fewer sales. Its great to see the prices rise so steadily, but when is the market going to be affected by the low inventory? Here is my 2017 State of the Omaha Real Estate Market
2017 should be another record year. While interest rates will climb a little, we are still way below the historical average. We are also seeing more federal and state subsidies which will help. However, we are facing a near crisis for affordable housing. 70% of the sales are below $250,000, but very few builders are building houses below $300,000. That price gap will have to be addressed at some point or the market will react negatively.
One thing remains, the American dream of home ownership and a positive attitude towards out economy. I’m confident we will find a solution. The volatility of the market means it is necessary to hire a professional to look out for your interests. I always recommend a Realtor when buying, selling, or investing in real estate. If we can help, please call Team Bober and we will tackle the market for you!
Here are a couple links to learn more about the Omaha Real Estate market:
Chris Bober is an Associate Broker and leader of Team Bober, a group of REALTORS® at Nebraska Realty in Omaha, NE offering a wide range of real estate services including home and new construction sales, land and farm sales, and auctioneering services. For more information please call Chris at (402) 312-5076 or email him at info@ChrisBober.com. TeamBober.com